HL Deb 07 July 1997 vol 581 c56WA
Earl Russell

asked Her Majesty's Government:

What would be the cost for a married man with a non-earning wife and two children under the age of 16, with a salary of £40,000 per annum and a mortgage of £100,000:

  1. (a) of a 1 per cent. rise in interest rates,
  2. (b) of a 1p increase in the standard rate of income tax.

Lord Simon of Highbury

The cost of a 1 per cent. rise in interest rates to a married man with a salary of £40,000 and a mortgage of £100,000 would be £955 per annum in 1997–98. The standard rate of income tax was abolished in 1973. A 1p increase in the basic rate of income tax to the same person would be £220 per annum.